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Record Level Construction Spending Signals Strength in August Numbers

Thu, October 01, 2020 6:26 PM | Anonymous

Hitting a record high, construction spending during August 2020 was estimated at a seasonally adjusted annual rate of $1,412.8 billion, 1.4 percent above the significantly upward revised July estimate of $1,392.7 billion. The August figure is 2.5 percent above the August 2019 estimate of $1,379.0 billion. The “lion share” of the growth was on the private sector side, which appears to be rebounding from the pandemic and shutdowns under the current economic stewardship, driving the total above the 1.4 Trillion dollar mark for the first time ever. During the first eight months of this year, construction spending amounted to $927.7 billion, a reassuring 4.2 percent above the $889.9 billion for the same period in 2019.

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